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Blue Owl: The Next Blackstone?

March 2, 2025 | This week, I’m diving into one of the few SPACs from the 2020-era Lollapalooza in financial markets that has actually worked out: a fast-growing alternative asset manager humbly named Blue Owl that, perhaps, has its eyes set on being the next Blackstone?

VeriSign: The Internet’s Toll Road

February 23, 2025 | No, I don’t have a literal toll-road company to tell you about today; I actually have something much more powerful: a business that operates like the toll road I describe above, yet for the entire internet 👀

AutoZone: Under The Hood

February 16, 2025 | Few companies have been as prolific cannibals of their own stock as AutoZone, a franchise that has, in two decades, spent tens of billions of dollars consuming 90% of its outstanding shares.

Vital Farms: Egg-cellent Investment?

February 9, 2025 | Another company is now bringing Conscious Capitalism to public markets, again showing that putting ethical business and sustainability first isn’t just ESG gibberish but an actually winning strategy underpinning one of the most impressive brands in the world.

Alphabet: Searching For Value

February 2, 2025 | Can the “Magnificent 7” offer value? Depends on how you define value. They’d probably be too rich for ol’ Ben Graham’s tastes, but boy, they have done well.

John Deere: An American Stalwart

January 26, 2025 | What’s more American than Levi’s blue jeans and apple pie? Well, honestly, probably nothing, but John Deere is in contention. Few brands have left a bigger cultural mark on rural America than Deere.

ULTA: A Beautiful Compounder

January 19, 2025 | To any stock investor, compounding is a thing of beauty. Bonus points, though, if your compounder is literally beautiful. Enter, Ulta Beauty 💄

CPNG: The Amazon of South Korea

January 12, 2025 | There is only one Amazon, and if you were fortunate enough to invest in it at any point in the past 25 years and continue to hold it, you’ve done quite well. Coupang is not exactly Amazon, but it’s impressive in its own ways.

MSGS: Own The Knicks & Rangers

January 5, 2025 | Welcome to the first-ever edition of The Intrinsic Value Newsletter! At this valuation, you’re, in theory, getting the Rangers entirely for free and a discount on the Knicks.

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